Both individuals and organizations can fall victim to invoice fraud. Invoice fraud occurs when fraudsters exploit trusted relationships between you, your business, and vendors or third-party service providers. Fraudsters often target third parties you work with in an attempt to redirect payments to their accounts. They may compromise the third party’s email system and send genuine-looking invoices to deceive you or your business.
To help reduce the risk of invoice fraud, consider the best practices below:
1. Establish a designated point of contact at the third party or vendor to whom you, or your business, makes regular payments; raise all invoice issues and concerns with this person.
2. Ensure employees responsible for processing payments remain vigilant for changes to payment instructions, particularly banking details, invoiced amounts and sense of urgency.
3. Protect your personal and business information
If you believe you, or your business, have been a victim of invoice fraud, speak with your J.P. Morgan representative immediately.
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The information within this webpage is provided for educational and informational purposes only and is not intended, nor should it be relied upon, to address every aspect of the subject discussed herein. The information provided is intended to help clients protect themselves from cyber fraud. It does not provide a comprehensive listing of all types of cyber fraud activities and it does not identify all types of cybersecurity best practices. You, your company or organization is responsible for determining how to best protect itself against cyber fraud activities and for selecting the cybersecurity best practices that are most appropriate to your needs.
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